10 men siphon off Dh6M from Abu Dhabi bank
abu dhabi — Ten men went on trial accused of stealing Dh6 million from a bank through electronic transfer codes with the help of an employee who worked in the same bank. The Abu Dhabi Criminal Court heard that the men — all Pakistanis — defrauded a local bank in Abu Dhabi by deciphering codes and programming, using two devices called ‘e-trader’.
Police had arrested the accused after the bank reported about the financial fraud that was orchestrated by one of their employees.
Official court documents stated that the accused used electronic codes with the help of the main defendant, the bank employee, who also had knowledge of the codes of the payment devices of the e-trader. The men were then able to programme the electronic payment device and carry out fraudulent transactions.
They allegedly used the e-trade devices to make it appear like the bank has paid off the shops with the money deducted from the cus- tomers’ accounts after making purchases, but instead they transferred the cash to a bank account in an Asian country.
Prosecutors charged them with fraud and unlawful transfer of the bank’s funds by using IT methods. All the men denied charges against them when they appeared in the court. Their lawyer said he would present his clients’ defence in the next hearing.
The trial was adjourned until September.
The Abu Dhabi Financial Prosecution said in May that there had been a significant increase in the number of financial and commercial fraud cases being reported in Abu Dhabi.
said they handled 16,663 cases involving finances during 2017, an increase of 2,803 cases as compared to 2016.
Authorities said they wanted to see the punishment for those convicted of commercial fraud increased from three years in jail to seven years in certain cases and convicts be made by court to pay back the stolen cash in addition to paying civil compensation to the victims. Hassan Mohammed Al Hammadi, head of the Abu Dhabi Monetary Fund, said: “Money laundering affects national economy and financial stability because it’s a hidden economic activity and illegal.”
“Scammers spoil the investment environment and cause damage to capital markets. Frauds lead to loss of people’s cash and property and the act of obtaining money through fraudulent means to get rich overnight sets a bad precedent for the society.”
In one of the biggest cases, 28 men accused of attempting to steal Dh635 million from the account of an Abu Dhabi bank through electronic transfer were sentenced to jail terms ranging from 10 to 15 years.
Money laundering affects national economy and financial stability because it’s a hidden economic activity and illegal.” Hassan Al Hammad, head, Abu Dhabi Monetary Fund